Introduction to Financial Accounting

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Introduction to Financial Accounting

Final Exam Review Sheet

Exam Information

• 41 multiple choice questions x 2.5 points each = 102.5 points possible (out of 100)

The exam will be taken online in Connect.You have 2 hours and only 1 attempt to take the exam.

• While notes can be used, the exam is timed so you should study to be prepared.As you study, think about application of the concepts in real-world situations.

Chapter 8 Topics

• Costs included in the capitalized price of fixed assets

• Purpose of depreciation

• Be familiar with the depreciation expense and accumulated depreciation accounts.

o What is reflected in each?

o Where do they appear in the financial statements?

• Calculation of a long-term asset’s net book value and how it changes over time

• Calculation of straight-line depreciation (including prorating the depreciation amount in the first and last year of the asset’s life)

• How to record depreciation and the impact on the financial statements

• Calculation of depreciation expense, accumulated depreciation, and net book value throughout an asset’s life (pay close attention to the dates and what you are asked to calculate!)

• Ordinary repairs and maintenance that are expensed vs. improvements that are capitalized

Chapter 9 Topics

• Structure of the classified balance sheet and accounts that belong in each section

o Be able to classify current vs. long-term assets and liabilities

• Calculation and interpretation of the current ratio

Chapter 12 Topics

• Three categories of the statement of cash flows and the content of each

• Structure of the statement of cash flows (indirect method) and cash inflows and outflows for each section

• How the statement of cash flows can indicate the financial health of a company

• Be able to evaluate a company’s cash flows from operating, investing, and financing activities and make conclusions on the financial success of the company.

Chapter 13 Topics

• Definition of debit and credit

• Which accounts increase with debits?With credits?

• How to analyze and record transactions (which accounts, increasing or decreasing, debit or credit)

o You will see multiple transaction analysis and journal entry problems on the exam.You should understand how accounting events impact the accounting equation and financial statements.

• Purpose of the general ledger

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